Caspian Pipeline Consortium Ready to Increase Oil Supply in 2023
(Reuters) — The Caspian Pipeline Consortium (CPC) is ready to increase oil supply in 2023, CPC cited director general Nikolai Gorban as saying on Friday, thanks to increased capacity.
CPC, which handles about 1% of global oil, also said it shipped 58.7 million tonnes in 2022, including 52.2 tonnes from Kazakhstan.
The consortium, which delivers oil from Kazakhstan via a Black Sea terminal, last year faced maintenance issues at the terminal and oil fields, including Tengiz, the key source of oil for CPC.
Kazakhstan is the second-biggest oil producer among the ex-Soviet countries after Russia, pumping around 1.5 million barrels per day, and both countries are members of the OPEC+ group to coordinate oil production.
The main CPC shareholders are Russian oil pipeline monopoly Transneft with 24%, Kazakhstan's KazMunayGas (19%), Chevron Caspian Pipeline Consortium Company (15%), LUKARCO B.V (12.5%), Mobil Caspian Pipeline Company (7.5%), CPC Company (7%) and Rosneft-Shell Caspian Ventures Ltd. (7.5%).
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Comments